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Matsa Resources Limited
(Sydney:MAT)
Matsa Resources Limited (MAT) vs. iShares MSCI Australia ETF (EWA)
Matsa Resources Limited Business Overview & Revenue Model
Matsa Resources Limited Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.73M | 0.00 | 0.00 | 0.00 | 0.00 | 8.05M |
| Gross Profit | -25.63M | -210.02K | -1.46K | -621.72K | -103.38K | -146.48K |
| EBITDA | -21.40M | 1.60M | -3.36K | -3.78M | -3.08M | 3.23M |
| Net Income | -22.65M | 1.43M | -4.60K | -819.00K | -6.03M | -9.65M |
Balance Sheet | ||||||
| Total Assets | 37.27M | 33.13M | 23.28M | 23.23M | 22.64M | 27.83M |
| Cash, Cash Equivalents and Short-Term Investments | 3.30M | 6.91M | 1.04M | 794.30K | 1.57M | 3.03M |
| Total Debt | 10.10M | 5.96M | 5.58M | 4.68M | 4.20M | 4.40M |
| Total Liabilities | 25.84M | 12.59M | 10.21M | 9.51M | 10.10M | 12.46M |
| Stockholders Equity | 11.35M | 20.46M | 12.99M | 13.64M | 12.47M | 15.29M |
Cash Flow | ||||||
| Free Cash Flow | -15.95M | 1.49M | -3.97M | -2.60M | -4.95M | -7.41M |
| Operating Cash Flow | -11.78M | 4.78M | -3.44M | -868.81K | -3.32M | -5.30M |
| Investing Cash Flow | -4.40M | -4.01M | -477.01K | -2.05M | -959.99K | -2.68M |
| Financing Cash Flow | 18.39M | 5.11M | 4.16M | 1.63M | 2.29M | 8.72M |
Matsa Resources Limited Technical Analysis
Matsa Resources Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | AU$200.40M | -26.94 | -3.39% | ― | ― | ― | |
49 Neutral | $163.62M | -20.87 | -6.79% | ― | ― | 19.94% | |
47 Neutral | AU$80.59M | -1.12 | -142.42% | ― | ― | ― | |
47 Neutral | AU$41.17M | -0.74 | -162.74% | ― | -12.81% | 24.49% | |
44 Neutral | AU$32.00M | -3.61 | -49.57% | ― | ― | -39.53% | |
42 Neutral | AU$40.12M | -2.60 | -36.73% | ― | 307.85% | -133.82% |
Matsa Resources Limited Corporate Events
Matsa Resources Limited has rejected claims in an ABC News online article that mining at its Devon Pit Gold Mine is about to cease due to fuel shortages, stating that operations are continuing and that ore deliveries to the FMR Greenfields processing plant for the third processing campaign remain on schedule. The company said it has implemented fuel-saving measures in cooperation with contractor Blue Cap Mining but does not expect any change to its planned processing timetable, noting that ABC has since retracted its comments about Devon after being contacted, which helps reassure stakeholders about the continuity of production and revenue expectations.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has requested a trading halt in its securities on the ASX pending an announcement addressing media speculation about potential fuel shortages affecting its Devon Pit Gold Project. Trading in Matsa shares will be paused until either the start of normal trading on 19 March 2026 or the release of the clarifying announcement, as the company seeks to ensure an informed market amid concerns over possible disruption to mining operations.
The company stated it is unaware of any reason the halt should not be granted and indicated there is no additional information required to inform the market about the request. The move underscores heightened sensitivity to operational risks such as fuel supply in the gold sector, and signals that investors will be looking closely at the forthcoming update for any impact on production continuity and project viability.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has released its condensed consolidated interim financial report for the half-year ended 31 December 2025. The report package includes the directors’ report, auditor’s independence declaration, reviewed interim financial statements, notes, and an independent auditor’s review, providing stakeholders with an overview of the company’s financial performance and position for the period.
This interim release formalises Matsa’s half-year financial reporting obligations and offers investors and regulators updated transparency on the group’s operations, cash flows, and equity movements. The inclusion of an independent auditor’s review enhances the reliability of the disclosed figures, supporting informed decision-making by shareholders and other market participants.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has confirmed the allotment of 13,522,552 fully paid ordinary shares following the exercise of unlisted options, increasing its issued capital base. The company stated that the shares were issued without a prospectus under relevant provisions of the Corporations Act, and confirmed its compliance with ongoing reporting and disclosure obligations, indicating no excluded information that would affect investors.
The share issue reflects the conversion of existing unlisted options into equity, which may strengthen Matsa’s balance sheet and broaden its shareholder base. By affirming adherence to corporate and continuous disclosure requirements, the company aimed to provide assurance to the market and stakeholders regarding the transparency and regulatory compliance of this capital management move.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has applied for quotation on the ASX of 13,522,552 new fully paid ordinary shares, to be issued on March 11, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instruments, modestly expanding the company’s share capital base and potentially providing further funding flexibility for its exploration and development activities.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has reported significantly improved results from its second processing campaign at the Devon Pit Gold Mine in Western Australia, delivering 4,074 ounces of gold from 51,562 dry tonnes of ore and generating $28.74 million in sales at an average price of $7,054 per ounce. Higher head grades of 2.86 grams per tonne and improved recoveries of 86.16% underpinned the stronger performance compared with Campaign 1, bolstering the company’s cash balance to $18.59 million and providing management with increased confidence as mining continues for Campaign 3, which is scheduled to begin processing on 28 May 2026.
The improved metrics and revenue outcome from Campaign 2 underscore a better understanding of the Devon orebody and stronger mining performance, positioning Matsa more favorably within the gold sector and enhancing its operational momentum. The transition into Campaign 3 suggests continuity of production and potential for further cash generation, which is likely to be closely watched by investors assessing the company’s ability to sustain higher grades, recoveries, and profitability from the Devon Pit operations.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has confirmed the allotment of 281,554 fully paid ordinary shares following the exercise of unlisted options. The company stated that these shares were issued without a prospectus under the relevant Corporations Act provisions and affirmed its compliance with financial reporting and continuous disclosure obligations, indicating no excluded information affecting secondary trading.
The notice underscores that Matsa has met all applicable requirements under Chapter 2M and sections 674 and 674A of the Corporations Act. This assurance is intended to support market confidence in the tradability of the new shares and signals that there is no additional undisclosed information that could materially impact investors’ assessment of the company’s securities.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
AngloGold Ashanti Australia has begun a program of reverse circulation and diamond drilling on Matsa Resources’ M39/599 tenement at the Lake Carey Gold Project, under an existing tenement option agreement between the two companies. The campaign extends drilling from AngloGold Ashanti’s neighbouring ground into Matsa’s tenure and is seen by Matsa as a strong endorsement of the prospectivity of its Lake Carey holdings, with initial assay results expected to help shape AngloGold Ashanti’s 2026 exploration plans in the area and potentially enhance the strategic value of Matsa’s tenements.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has confirmed the allotment of 1,200,570 fully paid ordinary shares following the exercise of unlisted options, increasing its issued capital base. The company stated that these shares were issued without a prospectus under the relevant Corporations Act provisions and confirmed its ongoing compliance with financial reporting and continuous disclosure obligations, signalling regulatory adherence and potentially improved balance sheet flexibility for future corporate and operational activities.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has advised the ASX that 433,335 MATAR options, exercisable at $0.07 and expiring on 31 January 2026, have lapsed without being exercised. The expiry of these options slightly reduces the company’s pool of potential equity dilution but does not involve any new capital raising, signalling a routine adjustment to its issued capital structure with limited immediate operational impact.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has applied to the ASX for quotation of 1,200,570 new fully paid ordinary shares, to be issued on 4 February 2026 under the company’s security code MAT. The additional securities, arising from the exercise or conversion of existing options or other convertible instruments, modestly increase the company’s issued capital base and provide incremental funding flexibility, with implications for shareholder dilution and the company’s capacity to advance its resource-focused activities.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has completed its second processing campaign of ore from the Devon Pit Gold Mine, with 51,562 dry tonnes of ore processed over 19 days at the FMR Greenfields plant and 23 gold doré bars delivered to the Perth Mint for refining, indicating production in line with expectations and higher gold output than the first campaign. While final reconciliations, including gold-in-circuit calculations and refinery outturns, are still pending, early indications suggest improved understanding of the orebody and metallurgical performance, supporting confidence in future campaigns; mining for the third processing campaign has already commenced, with processing brought forward to mid-March 2026, and initial cash proceeds from Campaign 2 expected imminently, signalling ongoing cash flow generation from the operation.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources has disclosed a change in director Pascal Blampain’s indirect interests in the company’s securities, following the exercise of unlisted options. Blampain converted 333,333 unlisted options, exercisable at $0.07 and expiring on 31 January 2026, into an equivalent number of fully paid ordinary shares for a consideration of $23,333.31, increasing his indirect shareholding to 2,633,332 fully paid ordinary shares while leaving 326,667 unlisted options exercisable at $0.05 each expiring on 30 September 2027. The transaction, which did not occur during a closed period, modestly strengthens insider equity alignment and provides additional transparency to shareholders regarding director-level confidence in the company’s prospects.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources reported a solid December quarter driven by progress at its Lake Carey Gold Project, with planning underway for a new resource and exploration drilling program at Fortitude North to advance growth of the 949,000-ounce project. The company completed its first processing campaign from the Devon Pit Gold Mine with gold sales of $11.73 million at strong prices and recoveries slightly above budget, continued mining and grade-control drilling to feed subsequent processing campaigns, and strengthened its partnership with AngloGold Ashanti through a $1.5 million option fee payment and commencement of fieldwork on the optioned tenements, leaving Matsa with cash and run-of-mine ore stocks valued at an estimated $17.3 million at quarter-end.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has issued 5,335,852 fully paid ordinary shares following the exercise of unlisted options, modestly expanding its share capital and providing additional funding flexibility. The company confirmed that the shares were issued without a prospectus under the Corporations Act, and that it remains compliant with its financial reporting and continuous disclosure obligations, signalling regulatory adherence and transparency for existing and new investors.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has applied for the quotation on the ASX of 5,335,852 new fully paid ordinary shares, issued on 28 January 2026, following the exercise of options or conversion of other securities. The additional listing of these shares modestly expands the company’s issued capital base, potentially enhancing liquidity for existing shareholders and supporting Matsa’s capacity to fund ongoing exploration and development activities within the resources sector.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has issued 550,000 fully paid ordinary shares as part of an annual loan facility fee under a December 2022 loan agreement with two parties and in connection with the acquisition of tenements. The new shares, detailed in a recently lodged Appendix 2A, were issued without a prospectus under relevant Corporations Act provisions, with the company confirming it is compliant with continuous disclosure and financial reporting requirements and that there is no excluded information, signalling routine capital management with limited immediate impact on existing shareholders beyond minor dilution.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has applied to the ASX for quotation of 550,000 additional ordinary fully paid shares, with an issue date of 22 January 2026. The new securities, which stem from previously announced transactions, will increase the company’s quoted share capital, modestly expanding its equity base and potentially enhancing liquidity for shareholders in the market.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has disclosed a change in director Paul Poli’s relevant interests in the company’s securities, reflecting the exercise of unlisted options into fully paid ordinary shares. On 20 January 2026, Poli converted 333,333 unlisted options exercisable at $0.07 each into an equivalent number of fully paid ordinary shares for a consideration of $23,333.31, increasing his indirect shareholding to 17,633,333 shares while his remaining option holdings now comprise 3,300,000 unlisted options exercisable at $0.05 each expiring on 30 September 2027. The transaction, conducted outside a closed trading period, modestly strengthens insider equity alignment and signals ongoing director confidence in the company’s prospects through higher direct equity exposure over options.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has lodged an Appendix 3B with the ASX detailing a proposed issue of up to 550,000 ordinary fully paid shares via a placement or similar capital-raising mechanism, with the issue date set for 21 January 2026. The modest share placement signals a targeted capital-raising move that may provide additional funding flexibility for the company’s ongoing activities, while slightly diluting existing shareholders’ interests as Matsa continues to manage its capital structure within ASX listing requirements.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has disclosed a change in director Andrew Chapman’s interests, with Chapman and his related entities selling 300,000 fully paid ordinary shares on-market on 14 and 15 January 2026 for total consideration of $42,500. Following the transaction, Chapman’s holding has been reduced from 3,620,000 to 3,320,000 fully paid ordinary shares, and the company confirmed the trade did not occur during a closed period requiring prior written clearance, signalling a routine adjustment to the director’s shareholding rather than a governance or compliance issue.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has issued 2,010,925 new fully paid ordinary shares following the exercise of unlisted options, increasing its share capital without undertaking a formal disclosure process to investors under the Corporations Act. The company confirmed it is compliant with its financial reporting and continuous disclosure obligations and that there is no excluded information affecting the new securities, a move that modestly strengthens its equity base while signalling regulatory compliance and ongoing shareholder support through option conversions.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has lodged an application with the ASX for quotation of 2,010,925 new fully paid ordinary shares, issued on 20 January 2026 following the exercise or conversion of existing options or other convertible securities. The additional share quotation modestly expands Matsa’s issued capital base, signalling the conversion of derivative securities into equity and potentially improving liquidity in the company’s stock for existing and prospective investors.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has confirmed the allotment of 2,837,778 fully paid ordinary shares following the exercise of unlisted options, further expanding its issued capital base. The company stated that the new shares were issued without a prospectus under relevant Corporations Act provisions and affirmed its compliance with continuous disclosure and financial reporting obligations, signalling a routine capital management step that modestly increases equity while maintaining regulatory transparency for existing and prospective investors.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has applied for quotation on the ASX of 2,837,778 new fully paid ordinary shares, to be issued on 14 January 2026 following the exercise or conversion of existing options or other convertible securities. The additional quoted securities modestly expand Matsa’s equity base, potentially providing further capital flexibility for its resource exploration and development programs and slightly increasing the free float available to existing and prospective shareholders.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has commenced its second gold ore processing campaign from the Devon Pit Gold Mine, with approximately 50,000 tonnes of stockpiled ore now being treated at FMR’s Greenfield processing plant after 12 weeks of accumulation. A third processing campaign is already scheduled for April 2026, signalling ongoing production momentum at the Devon operation and providing clearer near-term visibility on output for investors and other stakeholders.
The most recent analyst rating on (AU:MAT) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has confirmed the allotment of 132,820 fully paid ordinary shares following the exercise of unlisted options, formalised through an Appendix 2A filing with the ASX. The company stated that these shares were issued without a prospectus under the Corporations Act’s fundraising provisions, and affirmed its ongoing compliance with key financial reporting and continuous disclosure obligations, signalling regulatory transparency and a modest expansion of its equity base for existing stakeholders.
The most recent analyst rating on (AU:MAT) stock is a Buy with a A$0.25 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.
Matsa Resources Limited has lodged an application with the ASX for quotation of 132,820 new ordinary fully paid shares, effective 24 December 2025. The relatively small issuance arises from the conversion or exercise of existing securities and marginally increases the company’s quoted share capital, providing additional liquidity in the stock without indicating a major change in capital structure or strategy for current shareholders.
The most recent analyst rating on (AU:MAT) stock is a Buy with a A$0.25 price target. To see the full list of analyst forecasts on Matsa Resources Limited stock, see the AU:MAT Stock Forecast page.